Should you rent or buy?

For some, renting means freedom; and for others, being a homeowner is the best investment. What about you? Take our test and determine if it will be more profitable in the long run to own a house or rent an apartment.

Rent

Indicate the amount of your current or projected monthly rent.

$

Property Value

Indicate the value of the property you are looking to buy.

$

Down Payment

Indicate how much you could pay for your down payment. Loans with a down payment of less than 20% of property value will require loan-insurance with CMHC or Genworth.

$

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What type of property would interest you?

A house

A condo

Mortgage Details

Imagine a scenario where you are buying a house and indicate the characteristics of your mortgage.

Amortization

years

Mortgage rate

%

Taxes and Basic Costs

Buying a home comes with some expenses that should be expected.

Amount of annual municipal and school taxes.

$

Annual heating costs

$

Monthly Condo Fees

$

Closing Costs

Closing costs are the initial charge you have to pay when you buy or sell a home.

Costs of buying a home

$

Costs of selling a home

$

Maintenance Costs Reset

When buying a house, you have to think about its maintenance. It’s best to set an amount aside for maintenance related costs.

This calculator compares the return on investment of an amount of money ready to be invested according to two possible scenarios:

1. You decide to buy

Your initial amount represents your total down payment invested on a mortgage loan.

Your investment amount is the total property value.

2. You decide to rent

You investment is equal to the down payment + every month, the difference between the buying costs and the renting costs go in your pockets. Monthly costs for a property are generally greater than those for a rent.

Rent

Mortgage

Rent or Mortgage

Rent

Mortgage payment

Property related expenses

Insurance, heating costs

Condo fees, maintenance and heating fees, insurance and taxes

Monthly savings

Purchase monthly expenses –Renting monthly expenses

Non applicable

Your financial value after xx years; when it’s profitable for you to own the place rather than renting it.

The data generated by this tool is for informational purposes only. The results depend on the financial information you entered. They do not take into account the particularities of your personal situation. They do not create any legal obligation for the National Bank and its affiliates. You agree to validate the applicability and advantages of these results to your advisor, accountant, tax specialist, or other specialist.